Quality of Euro coins in circulation
By Global Coins Agency Ltd. on Industry News
This document published by the European commission in 2010 provides the framework by which member state banks manage the quality of the Euro coins in circulation. In chapter 3, Article 8, paragraph 2, is the following quotation:
“Member states may refuse reimbursement of euro coins unfit for circulation which have been altered either deliberately or by a process that could be reasonably expected to have the effect of altering them, notwithstanding coins collected for charitable purposes, such as ‘fountain coins’ “
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Open in new tab To summarize the meaning of this, it means that the banks have the right to refuse coins presented to them if, IN THEIR OPINION, the coin has been damaged unnaturally.This is quite clearly written to avoid incurring the costs of reimbursing coins that are damaged and results in an ever decreasing quality of coin circulating in the member state economies.
In our opinion, central banks or their designated affiliates have a duty to manage the quality of coin circulating and should therefore pick up the cost of exchanging Euro coins whatever the condition(counterfeits excepted of course).